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Investment & Trade

China revises catalogue to promote industrial upgrades in western regions

Updated: Jan 27, 2021 Xinhua Print
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China's National Development and Reform Commission on Jan 26 released a revised catalogue of industries whose development is to be encouraged in the country's western regions.

The move aims to promote industrial upgrades and the development of characteristic industries in the vast western areas of China.

Effective from March 1, the revised catalogue will allow corporate income tax to be levied at a reduced rate of 15 percent for eligible enterprises.

Industries including automobile and parts manufacturing, smart and green textile and garment processing, household appliances and consumer electronics manufacturing have been added to the list, the commission said.

To further encourage the western region to better utilize its unique advantages, industries such as agriculture, forestry, husbandry and fishery, health and tourism have also been added to the new list.

Industries such as energy conservation, environmental protection and livable construction have been included in the new catalogue, along with light industrial textiles, special handicrafts, and other industries that promote employment and boost residents' incomes.

The enterprises eligible for preferential tax policies are those whose main business is in industries included in the new catalogue and whose main business income accounts for over 60 percent of their total revenue, said the commission.

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